BELLINGHAM, Wash., May 3, 2006 (PRIMEZONE) -- The management team of Pinnacle Developments, Inc. (Pink Sheets:PNCV) is pleased to report the following update to investors:
Pinnacle Developments Inc. is pleased to announce expansion of its operations into the prefabricated wall panel business to service residential and commercial construction.
In this process, interior and exterior walls of wood constructed buildings are prefabricated in an automated factory setting and then delivered to the customers' building site and erected by factory crews or the customers' staff. In the factory, raw materials are cut to size, placed on a flat nailing surface equipped with jigs that hold everything in place, and then all is nailed simultaneously using automated air nailers. The factory is capable of framing the equivalent of three average-sized houses per shift. This process ensures that panels are constructed square and meet exacting specifications in terms of accurate measurement.
Pinnacle Developments Inc. has found robust markets for prefabricated panels domestically as well as for export to California where the demand is particularly strong. These purchasers have indicated an interest in assisting with funding inventory and initial operating costs. It would be Pinnacle's responsibility to locate a suitable site and set up the factory at a cost of approximately $1 million.
Operating two shifts, gross annual revenues would be $23 million with a projected profit of 32% of revenues.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.